$10000 Loan – For When You Need A Little Bit More

Sometimes you might need a little extra help in achieving your goals. Maybe your credit isn’t shiny enough for the big banks to approve your loan. Or perhaps you’re trying to speed up the approval process, and have the money in your account without the typical hassle. Whatever the reason, a $10000 loan may be an avenue for you.

Whether you’ve never considered a personal loan this large, or you’re interested in how to go about a $10000 loan, read on for the necessary information you may want to know.

$10000 loans and Monzi

Here at Monzi, we match you to a lender who may be able to help. Our loan options are small, medium, and large loans. This page, however, is here to enlighten you about the largest loan that you can apply for, the $10000 loan.

Whether you’ve considered it before, or it’s a new idea, the $10000 loan may be just what you need to follow a dream, start a new project or maybe you just need an emergency loan to cover something pressing. Whatever your reason, Monzi may be the right avenue for your large personal loan.

What is a large personal loan?

Are you new to the personal loan scene? Maybe, the only you’ve only taken out small fast loans in the past? Regardless of your borrowing status, Monzi is here to shine some light on the topic.

On this site, a large personal loan constitutes anything you borrow between $5,000 and $10000. Unlike the typical loan you’d get through a mortgage broker or a bank, personal loans don’t require you to use your loan for a designated purpose. Meaning if you borrow $10000 through one of Monzi’s lenders, you may use it to cover a range of common personal expenses.

What can you use a $10000 loan for?

So, if you can use a large personal loan to cover a range of expenses, what could some of these possible reasons look like? Well, the most practical reasons for borrowing $10000 are to:

  • Purchase a vehicle: if you’ve found the perfect car for you, but don’t want the hassle of a typical car loan, this may be a good alternative.
  • Do some home renovations: whether you’re chasing a new kitchen or you’d like to install a pool, a large personal loan could help get construction underway.
  • Consolidating your debt: simplifying your debt by rolling them into one, single loan could get you out of hot water.
  • Planning a holiday: sometimes you may just need to get away, but might now have the desired funds. You may use a personal loan to cover your travel costs.

If your reason is that you’re looking to start a business, unfortunately, Monzi cannot match you with lenders offering small business loans today. As a result, you may need to explore other methods of funding your potential business or potential lenders who can help.

Should you use a $10000 personal loan for a business?

Ultimately, it depends on what kind of situation you’re in when considering whether or not it’s worth taking a business loan. You should weigh up your options and circumstances. If you need a small loan with a short repayment period, a small business loan could be the option for you.

In addition to this, consider that banks are often a key source of business loans. For example, they may offer a line of credit loan or an equipment financing loan. Interest rates on these types of loans can be competitive, so keep that in mind. However, the option you choose should be well researched and in your best interest. The last thing you need is a business venture that flops because you incorrectly funded it.

Advantages of personal loans

In case you’ve never considered a personal loan before, there are a few advantages to keep in mind. The two main pros of personal loans are speed and convenience. When you apply for quick and easy finance with Monzi’s 100% online service, we may be able to match you to a lender within the hour.

Personal loans typically have a set amount for repayments and a specific end date, meaning you don’t have to worry about paying extra interest in the long run. However, do keep in mind that there are costs in the form of interest rates and upfront fees. Given this, look around to ensure a personal loan is the right choice for you and, if it is, why not let Monzi help you out?

Can you get a $10000 loan with bad credit?

Monzi may be here to help you with bad credit $10000 loans. We don’t discriminate based on credit. Instead, we welcome applicants from all different backgrounds. From there, we’ll do what we can to match you with an understanding credit provider who may be able to help. However, approval is not certain.

Our lenders may take your credit history into account. However, they will also examine other information, such as your saving habits, your income, and any security you’re willing to put down. By doing this, your credit score may be able to be overlooked when it comes to your loan.

As a result, if you’re in a secure financial position, then some lenders may be willing to offer secured loans for bad credit up to $10,000. However, remember that the lender retains the right to approve applications where they see fit.

Can you get a $10000 loan without a credit check?

Personal loans without a credit check, regardless of how large, are quite rare. Whether you can take such a loan is very dependent on the lender Monzi matches you with and the way they conduct business.

However, even if your lender conducts a credit check, don’t be swayed by a bad credit score. As mentioned above, we may be able to find you lenders willing to offer personal loans with bad credit. Don’t be ashamed and shy about your report; your lender may overlook it in some cases in favour of other factors. Mistakes and debt happen, Monzi understands this, don’t be put off from applying, take a chance on us, and we’ll take one on you.

What are the repayments like on a $10000 loan?

No loan is without its repayments. And, naturally, the more you borrow, the higher your repayments will be.

Unfortunately, though, as Monzi is not a lender, we cannot say with certainty what your repayments will be. Instead, your lender will determine your amount if your application is approved.

Having said this, you can use Monzi’s loan slider at the top of the page to get an estimate of what your repayments may be.

Can you get an unsecured $10000 loan?

With Monzi, to be matched with a lender for are medium or large loan, your loan must be secured. A secured loan may be an option as it may ensure that you can access lower rates and larger cash amounts compared to unsecured bad credit personal loans.

However, to apply for a secured loan, you must have an eligible asset. The lenders that Monzi works with may be willing to accept a car, boat, caravan or motorbike.

Can you put your $10000 loan towards a house?

There a few reasons as to why using a personal loan for a home deposit might not be a great idea. Firstly, the debt. It’s usually not the smartest idea in the world to have multiple loans at once. This is an easy way to end up in deep water if something goes wrong, such as losing your job.

Secondly, to qualify for both, you will need a high income and a shiny credit report. To be approved for a large personal loan and a home loan, you may have to have almost no debt. Potentially, one loan may also cancel out the other.

If you’re trying to buy a house, you may be better off borrowing more in your home loan. Paying the Lender’s Mortgage Insurance and having one loan, might be better than taking a second loan to boost your deposit.

Are you eligible for a $10000 loan?

Through Monzi, our basic eligibility requires you to be at least 18 years of age, and an Australian citizen or permanent resident. Additionally, you need to have been receiving a regular income for a minimum of three months. You also need to have an active mobile number and email address. Your lender may have additional requirements if so, they will inform you when you make contact.

For a $10000 loan, you should also have an idea of what security you will be using for your loan. There may be a lender for you who will oblige bad credit loans, or possibly offer loans for people on Centrelink. However, remember that approval is not guaranteed. Lenders retain the right to approve or deny applications where they see fit.

What documentation will you need to apply?

Whilst Monzi is 100% online and paperwork free, you will still need to provide some details for any kind of loan application you make through us. The details required to place an application include your bank account details, MyGov information and your contact details. And don’t worry, we prioritise transparency and data safety so that no dodgy deals will be occurring with your data.

If we match you with a lender, that lender may conduct a credit check. Don’t be deterred by this as the lenders we find are often willing to look at more than just your credit report. Keep this in mind, as it may be helpful to spring clean your spending habits before applying, so you’re suitable for a fast cash loan.

Do $10000 loans come with fixed or variable rates?

Another factor that is dependent on your lender is whether your loan will be fixed or variable. Some lenders may offer both, while others may only provide one or the other. It is up to you to decide which loan option works best for you.

If you’re unsure of the difference, fixed loans will have rates that remain the same throughout their duration. Fixed rates make budgeting more manageable and can offer you stability. The rate on a variable loan, however, is subject to change throughout the life of your loan, which could suit you better. You can also be offered a split rate loan on a mortgage which combines the benefits of both. Obivously, though, this is only an option on home loans.

How does a $10000 loan work through Monzi?

Here at Monzi, we do our best to find you an available lender in as little as 60 minutes. Moreover, we want to tell you about how easy the Monzi application process is.

If you meet the criteria for Monzi and believe you have the income to repay a large personal loan, read on to learn how to apply.

Apply online

Our application process couldn’t be more straightforward. We only request a few minutes of your time to fill out our application form. Just tell us a little bit about you, your circumstances, and what’s motivating you to apply. We won’t ask for any paperwork and, boom, the hard part is complete, and the rest is over to us.

Give us a little bit of time

Once we’ve got your application, we’ll do the heavy lifting. We work with a vast range of Australian online lenders and should hopefully have a lender available and willing to assess your application. If you place your application during business hours, we may be able to do this within the hour. If not, you may hear back from us the following day.

Meet your match

Once we’ve found the potential lender for you, we’ll be in touch. From there, we’ll hand your contact details to your lender, so the contact is direct. Following this, your lender will conduct an assessment and, if approved, they will send a contract through to you. Your must read your contract carefully and, as long as you’re happy with the terms, sign it.

If everything goes to plan, same day approval loans may be possible.

woman searching phone for 10000 loan

Is a $10000 loan right for you?

In short, Monzi cannot say. You should inform yourself regarding whether a $10000 loan is right for you. Monzi understands that sometimes you need a little help, and this is where you may need a personal loan. However, we also caution that you don’t bite off more than you can chew.

If you’re looking to cover an emergency, buy a cheap car, or redo the kitchen, a personal loan like this could make sense. However, if you don’t earn sufficient income, are unemployed, or you have a terrible track record with repayments, you may not qualify for a $10000 loan. This does not mean you won’t be eligible for any personal loans; it just means that your wants are slightly beyond your means.

Given this, it may be more appropriate to apply for a $2,000 unsecured loan, a $3,000 loan, a $5,000 loan or a $1,000 loan, depending on what suits your bugdet.

What are Monzi’s other loan options?

So, above we discussed the terms of a large personal loan, and perhaps that wasn’t the best option for you. Here are the terms for our small and medium personal loans, as other possible options:

Loan AmountTermsSecured?
$300 – $2,00012 monthsNo
$2,100 – $4,60013 to 24 monthsYes

Keep in mind that approval isn’t guaranteed. Moreover, you may not always be offered the exact loan you apply for. Lenders may modify the terms to better suit your circumstances.

How quickly can you receive your loan?

So you have placed your application and met your lender. They gave you the contract, there were no dramas, and you signed. Understandably you want your money quickly, especially if you are taking an emergency loan. So, when can you expect the transfer?

How long it takes the money to get to your account is typically correlated with the bank to bank transfers. This means you may get the same day transfer. However, you should allow around 24 hours of leeway.

Can you refinance a $10000 loan?

There are many reasons for wanting to refinance your loan. Maybe you need to consolidate your debts. In short, this involves rolling debt into one manageable loan, so you end up with a single regular repayment. If you need a little more than you had initially planned, this could be an excellent reason to refinance. Or maybe you don’t like some of the features that came with your personal loan and are just looking for a better deal.

So, to answer the question, you may refinance a personal loan. If you have a $10000 loan that will take a year or two to pay off and you need to cater to one of the above reasons, refinancing may be smart. However, it’s most likely not necessary to refinance a small personal loan. You may just be better paying the one-off fee.

What interest rates come with large loans?

The interest rate of your loan is dependent on a few factors. The first is whether or not your loan is fixed or variable. Your lender may decide on an interest rate depending on how risky of an investment you are. However, Monzi only works with lenders offering fixed rates.

They will most likely take into account your loan amount, your credit history and the type of personal loan you’ve chosen. Essentially, the rate of your possible $10000 loan is dependent on whether you’re a reliable borrower and whether your loan is secured or not.

Can you use a guarantor to get a bad credit $10000 loan?

A guarantor loan may allow you to secure more credit. Essentially a guarantor is a family member, spouse, or de facto partner, who can provide an extra level of security to your loan. This means that if you fail to repay your loan, your guarantor will take over in your place.

While this is not a position most people are looking to put their loved ones in, provided you make your payments regularly, your guarantor will never have to pay a cent. A co-signer on your loan may allow you to borrow more than you otherwise could have.

Monzi does not provide guarantor loans as one of our services. So, if you are seeking this type of personal $10000 loan, most banks have this service in mind. Keep in mind that if you do go looking for one of these loans, banks will rarely consider your friends, so ensure you have a reliable family member instead.

Can you get a $10000 loan as an unemployed, single parent?

So, you’re in a tight situation, you’re on your own, unemployed, and trying to raise a child or more. You need a little extra help, and the $10000 loan looks appealing. It may be quite tricky for you to obtain this loan, however, not because you are a single parent. Single parents can qualify for personal loans, although, our lenders tend to require their borrowers to have a reliable source of income.

This does not entirely rule you out for all loan options with Monzi. Monzi may know a few lenders offering loan options for people on Centrelink payments. Whilst, the $10000 loan may be unachievable in your situation; you could always try for a small loan instead. If you are unsure what your options are in this situation, do your research to determine what you may be eligible for.

How long before you can apply again after a rejected application?

Any credit enquiries will display on your credit report for five years. For this reason, it’s best to try to limit the frequency of applications so that this doesn’t look poor. So, instead, figure out what your approval chances might be before application. For home loan applications, request a pre-approval.

For personal loans, have a look at your credit score. It’s free to get a copy of your credit report, and it can help you gauge where you’re sitting. Reflect on your debt-to-income ratio. How much money is going out, and how much is coming in? Can you afford to take more debt? Is your income strong enough to be a personal loan candidate? If you aren’t confident in your chances of being approved, don’t apply. It will only hurt you in the long run.

If your lender rejects you, do the above things and wait a little while before applying again. If you are desperate for an emergency loan ensure you won’t be biting off more than you can chew.

Can you get a $10000 loan with defaults on your credit report?

Having defaults on your credit report essentially just gets lumped into the ‘bad credit’ category. Luckily, Monzi may help you connect with lenders who may offer unsecured bad credit personal loans. As our lenders don’t only look at your credit report, but also your income, expenses and last three months of banking history, you may still qualify for approval.

However, the amount you apply for may impact your chances of approval. Requesting a $10000 loan will come with stricter criteria than a smaller scale loan would. So, while the answer to this question is yes, you may be able to be approved with bad credit. Consider the scale of the requested loan before hitting apply.

Why is having good credit so important?

We’ve established that good credit is preferred, but let’s go slightly more in-depth. Your credit score is an indicator to your lender of how reliable you are as a borrower. Having a very good or exceptional score (700 or above) removes some of the hassles of obtaining your approval.

Your report is a combination of the amount you’ve borrowed, whether you make your repayments on time, and how many applications for credit you’ve made. Beyond this, however, your report also shows bankruptcies and debt agreements, alongside any severe infringements.

It’s a good idea to check in frequently with your report. Multiple requests to view your report will not impact it, and this is smart as it allows you to figure out what needs improvement, as well as ensure the information it displays is accurate.

Is there an easy way to fix your credit?

Perhaps you’re seeking the $10000 personal loan, and you want to increase your approval chances before applying, but your credit is looking under the weather? There are ways to improve your score.

Unfortunately, there is no instant fix to a low credit score. Your biggest ally will be time. However, there are a few things you can cease doing that will help your report in the long run. Meet your repayment dates, get rid of any debts you currently have and stop making credit applications.

Beyond this, ensure you keep up to date with your report. Being proactive is the best thing you can do to maintain, or rebuild, a shiny report.

Let us help you!

If you need a $10,000 loan, hit ‘Apply Now’ to get started with Monzi. We’d love to hear from you.

Alternatively, you can find out more about personal loans through Moneysmart’s guide. If it’s a helping hand you’re after, don’t hesitate to email our team at hello@monzi.com.au.

To keep up to date, follow us on Facebook, Instagram, Twitter and Pinterest.

Finally, for more informative Monzi content, learn about Easter loans or how to move house with minimal stress.

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You won't use a penny to apply for our lender-finding service, but here's some costs you could expect from a lender

Loan amount

$300 - $2,000


12 months (minimum)

12 months (maximum)


20% upfront establishment fee

+ 4% monthly fee


Representative example based on a loan of $1000 over 6 months a borrower can expect to pay a total of $1440.

Disclaimer: Under the current legislation, all Small Amount Credit Contract loan providers don’t charge an annual interest rate. The maximum you will be charged is a flat 20% Establishment Fee and a flat 4% Monthly Fee. The comparison rate on loans between $300 and $2000 could be up to 199.43%. The minimum loan term is 16 days and maximum loan term is 12 months. Representative example based on a loan of $1000 over 6 months a borrower can expect to pay a total of $1440. WARNING: This comparison rate is valid only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate with the lender that finances your loan.

Loan amount

$2,100 - $4,600


13 months (minimum)

24 months (maximum)


47.8% Annual Percentage Rate (APR)

65.85% Comparison Rate p.a.


Representative example based on a loan of $2500 over 24 months a borrower can expect to pay a total of $4,556.88.

The maximum interest rate for a Medium Amount Credit Contract is 47.8%. Comparison Rate 65.85% p.a. The maximum loan term is 24 months. Representative example based on a loan of $2500 over 24 months a borrower can expect to pay a total of $4,556.88. WARNING: This comparison rate is valid only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate with the lender that finances your loan. Credit criteria and terms and conditions apply.

Loan amount

$5,000 - $15,000


13 months (minimum)

24 months (maximum)


17% Annual Percentage Rate (APR)

36% Comparison Rate p.a.


Representative example based on a loan of $10,000 over 36 months a borrower can expect to pay a total of $16,489.

The starting interest rate for a Personal Loan is 17%. Comparison Rate 36% p.a. The maximum loan term is 24 months. Representative example based on a loan of $10,000 over 36 months a borrower can expect to pay a total of $16,489. WARNING: This comparison rate is valid only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate with the lender that finances your loan. Credit criteria and terms and conditions apply.